An Australian-founded CFD and forex broker with licensed companies in Australia, the UK, Cyprus, Germany, Dubai and the Bahamas. Standard (spread-only) and Razor (raw spread plus commission) accounts on MT4, MT5, cTrader and TradingView.
Facts last checked 20 October 2026. Always confirm on the regulator’s register. How we review brokers
Get an email when Pepperstone's licence or key facts change.
✓FSCS up to £85,000 (UK); ICF up to €20,000 (Pepperstone EU); none for the Bahamas companyWhat this means
Regulation and entities
Your protection depends on which company holds your account, and that depends on where you live. Each row is one licensed company. What regulation means
Before you deposit: search the licence number on the register, then check that the website and phone number listed there match the ones you are using. How to check a licence
Websites
Official websites
✓pepperstone.com
Type the address yourself or use a bookmark. Check it matches the website listed for the firm on the regulator’s register.
Watch out for look-alike sites
We have not recorded any look-alike sites for Pepperstone. That does not mean none exist.
A clone firm copies a real broker’s name, licence number and branding to take deposits. The register shows the genuine firm, so the surest check is the contact details: if the website, email or phone number you were given is not the one on the register, treat it as a clone. Check a broker step by step
Accounts and costs
Account types and costs not yet checked.
Cost per lot = typical EUR/USD spread × $10 + round-turn commission, for one standard lot (100,000 units) in busy hours. Swap and other fees are extra. Trading costs explained
Leverage and margin
Leverage lets you open a position bigger than your deposit, so losses grow as fast as gains. The caps below are the most Pepperstone allows; you can always use less.
50% (MT4 and MT5)When your equity falls to 50% (MT4 and MT5) of your used margin, the platform starts closing your trades, usually the biggest loser first, until the level recovers.
Licensed by four strict regulators (ASIC, FCA, CySEC, BaFin), with retail money held in segregated accounts
Negative balance protection for retail clients
Razor account commission is published per currency (for example £2.25 per lot per side on GBP accounts)
No minimum deposit for bank transfers in the UK, and free withdrawals
Watch out for
Says Pepperstone Markets Kenya Limited holds CMA licence 128; we could not confirm it on the Capital Markets Authority register on 2026-10-20 because the CMA website was unavailable.
Says Pepperstone Financial Services LLC holds UAE CMA licence 20200000358 for introduction and financial consultation; we could not confirm it on the regulator's register on 2026-10-20.
Clients outside the UK, EU and Australia may be placed with the Bahamas company, which has no compensation scheme
Pepperstone publishes minimum spreads, not typical spreads; Pro clients lose negative balance protection
Overview
Pepperstone started in Melbourne and holds an Australian Financial Services Licence from 2013. It now has licensed companies in the UK, Cyprus, Germany, Dubai, Kenya and the Bahamas, and says it serves over 900,000 traders. It offers two CFD accounts, Standard and Razor, plus spread betting for UK residents.
Regulation and safety
We checked these licences on the regulators’ registers on 20 October 2026: Pepperstone Group Limited (ASIC, AFSL 414530), Pepperstone Limited (FCA 684312), Pepperstone EU Limited (CySEC 388/20), Pepperstone GmbH (BaFin), Pepperstone Financial Services (DIFC) Limited (DFSA F004356) and Pepperstone Markets Limited, which appears on the Securities Commission of The Bahamas registrant list. Its Kenyan company and UAE introducing company could not be checked; see the watch-outs.
The company you join decides your protection. UK clients have the FSCS and EU clients the Cypriot or German investor compensation scheme. The Bahamas company, used for many international clients, has no compensation scheme. Retail money is held in segregated accounts. See our guide to forex broker regulation.
Costs
The Standard account has no commission on forex; Pepperstone adds a one-point mark-up to the raw spread, so UK minimum spreads are 1.0 pip on EUR/USD. The Razor account quotes raw spreads from 0.0 pips plus a commission: on MT4 and MT5 that is $7 per lot round turn on a USD account, £4.50 on GBP and €5.20 on EUR. Pepperstone publishes minimum, not typical, spreads. The trading costs guide shows how to compare the two accounts for your volume.
Platforms and tools
MetaTrader 4 and 5, cTrader, TradingView and Pepperstone’s own platform and app are all available. See MT4 vs MT5.
Deposits and withdrawals
UK clients can use debit and credit cards, Apple Pay, Google Pay and bank transfer. Pepperstone charges no withdrawal fee on these methods, and its withdrawal page gives processing times from the same day up to one working day for cards and wallets, and up to three working days for bank transfers.
Who it may suit
The account set-up fits active traders who want raw-spread pricing and a choice of platforms under a strict-tier licence. Check which company you are joining if you live outside the UK, EU or Australia, and start on a demo account.
How to open an account
The steps as we checked them. Never deposit until you have confirmed the licence.
Check which company you will join
UK residents join Pepperstone Limited (FCA), Australians Pepperstone Group Limited (ASIC), EU residents Pepperstone EU Limited (CySEC) and German residents Pepperstone GmbH (BaFin). Others may be placed with Pepperstone Markets Limited in the Bahamas. The company is named in your agreement.
Register and answer the questions
Sign up with your email, then answer the appropriateness questions about your trading knowledge and experience.
Verify your identity
Upload ID and proof of address if electronic checks are not enough.
Choose Standard or Razor and fund
Standard has the cost in the spread; Razor has raw spreads plus a commission. UK bank transfers have no minimum; other methods start at £10.
What changed on this profile
Profile published. Licences checked on the ASIC (AFS licensee data), FCA, CySEC, BaFin and DFSA registers and on the Securities Commission of The Bahamas registrant list (30 September 2026).
Pepperstone: common questions
Is Pepperstone regulated?
Yes. Its Australian company holds ASIC AFSL 414530, its UK company is FCA-authorised (684312), Pepperstone EU is licensed by CySEC (388/20) and Pepperstone GmbH by BaFin. Its Dubai and Bahamas companies are licensed by the DFSA and the Securities Commission of The Bahamas. We checked each on 20 October 2026.
Which Pepperstone company will I join?
Pepperstone Limited in the UK, Pepperstone Group Limited in Australia, Pepperstone EU Limited for most EU clients, Pepperstone GmbH in Germany, and Pepperstone Markets Limited (Bahamas) for many international clients. Check the name in your client agreement.
What is the minimum deposit?
In the UK there is no minimum for bank transfers and a £10 minimum for cards, Apple Pay and Google Pay. Pepperstone suggests a larger starting balance so that small accounts are not closed out quickly.
Can I lose more than I deposit?
Retail clients have negative balance protection, so if your account goes negative Pepperstone resets it to zero. This does not apply to Pro or professional clients. Leverage still magnifies losses.
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This profile is factual information, not a recommendation or financial advice. Trading leveraged products such as forex and CFDs carries a high risk of losing money rapidly, and most retail accounts lose money. Read the full disclaimer.
